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As the world’s first country to grant Bitcoin legal tender status alongside the U.S. dollar, El Salvador continues to show its support for the world’s biggest crypto by market cap in concrete ways. The country just bought the dip and acquired 21 BTC.
El Salvador President announced on Tuesday, December 21, that his government bought 21 BTCs. At the time of writing, Bitcoin traded at $49,093.62 based on Coindesk data, which means the country’s recent purchase is worth around $1.03 million.
Bukele explained the significance of buying 21 BTCs on December 21. “And today is the last 21st day of the year 21 of the 21st century,” he posted on Twitter.
He also linked the amount of Bitcoin purchased to the size of his country, the first in the world to adopt BTC as legal tender. “El Salvador’s entire size is 21,000 km2,” Bukele said. “Coincidence? I don’t think so!”
The number of BTC purchased is also to commemorate the scarcity of Bitcoin’s supply. By design, there’s a cap on the number of Bitcoins that crypto miners can extract as it is only limited to only 21 million BTC.
El Salvador has been timing some of its Bitcoin purchases around meaningful dates or figures. For instance, it bout its first 200 BTC in early September 2021 as it formally adopted Bitcoin as legal tender on September 7.
The country also bought 100 BTC on November 26 to celebrate Black Friday. El Salvador purchased the crypto at around $54,000 per coin.
However, not everyone is impressed over El Salvador’s adoption of Bitcoin as legal tender. For instance, the Bank of England expressed concerns over this decision.
“It concerns me that a country would choose it as its national currency,” Bank of England Governor Andrew Bailey said in November. “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.”
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